Examlex
Are time standards more useful for manufacturing or service processes? Why?
Total Product
The total quantity of output that a firm produces, usually within a given time period.
Marginal Product
The additional output produced as a result of using one extra unit of a particular input.
Average Product
Average Product is the output produced, on average, by each unit of a variable factor of production, such as labor, calculated by dividing total product by the number of variable input units used in production.
Total Product
The total quantity of output produced by a firm for a given quantity of inputs over a specified period.
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